For most investors, the cryptocurrency industry revolves around an only handful of digital assets. However, we have seen how industry stalwarts such as Bitcoin (CCC:BTC-USD) aren’t offering the exponential gains they once did. New altcoins are becoming more attractive, and some of them, including Algorand (CCC:ALGO-USD), boast incredible real-world utility.
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ALGO-USD was created by MIT professor Silvio Micali back in 2017. Algorand is a new player in the crypto space and has already made waves with its hugely impressive throughput and interoperability with other networks. ALGO-USD has quickly risen to the crypto ranks and is among the top 30 cryptos by market capitalization.
Similar to other crypto networks, Algorand aims to facilitate transactions efficiently and robustly. However, it has multiple features which make it stand out from its peers. Hence, it has a spectacular growth runway ahead, making it an exciting long-term investment.
Algorand Has Strong Fundamentals
The most important aspect to consider when investing in a cryptocurrency is its fundamentals. There are countless cryptos out there, most of which rely purely on hype to move the needle. However, cryptos such as Algorand have strong fundamentals, which offer massive utility for their owners.
For the longest time, crypto networks were “closed,” offering no interoperability amongst peers. However, Algorand is different, as its Layer-1 network provides an ecosystem that allows tokens from other blockchains to communicate effectively. This allows developers to build several applications across different blockchains. It appears that collaboration among networks will be the key for Algorand in having the upper hand over its competition.
Furthermore, with smart-contract functionality, users of Algorand can engage in a variety of value-added services. The functionality adds to the platform’s use-cases, including its utility in non-fungible tokens (NFTs)…
